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In the ever-evolving landscape of contingent labor and workforce management, companies are facing critical decisions regarding their Managed Service Program (MSP). With the increasing demand for top-tier independent talent and the necessity to adapt to changing market dynamics, we are seeing companies revisiting the choice between outsourcing and self-managing their MSP program.
The Evolution of MSP and VMS
It has been two decades since Managed Service Providers (MSPs) and Vendor Management Systems (VMS) have been integral to managing contingent labor. Initially, companies wrestled with the decision of whether to build their own solutions or purchase services from providers. Today, they are grappling with the dilemma of whether to outsource their MSP program or self-manage it. Many smaller to mid-sized companies, unable to match the spending power of industry behemoths, have opted for self-management due to cost constraints or dissatisfaction with provider services.
The New Generation of Contingent Workforce Management
Fortunately, a new generation of contingent workforce management and MSP models is emerging to cater to the unique needs of companies with program spends ranging from $5 million to $50 million and beyond. These models offer flexible solutions, allowing organizations to tailor their approach to their specific requirements.
Luxury Brand Services
Regardless of program size and scope, companies should demand top-tier services akin to what larger programs receive. Here are some essential components that should be part of any MSP program, irrespective of its size:
- An Experienced Team of Dedicated Professionals: Your program team should consist of seasoned experts who understand your industry, workforce dynamics, and the intricacies of contingent labor management.
- Leveraging Your Brand to Attract Talent: A robust direct-sourcing strategy should be in place, utilizing your brand's reputation to attract and retain the best talent in the market.
- A Proven Talent Re-engagement Process: Keeping track of and re-engaging with top talent who have worked with your company previously is essential for efficiency and cost-effectiveness.
- Proven Workflow Models and SOPs: Standard Operating Procedures (SOPs) and workflow models should be established and refined over time to ensure smooth operations, compliance, and risk mitigation.
- Technology Expertise: Staying ahead in the digital age is crucial. Your MSP partner should have technology expertise to optimize the use of software and tools for enhanced efficiency and decision-making.
Conclusion
As the dynamics of contingent labor continue to evolve, companies must make informed choices about how to manage their MSP programs. The options are no longer limited to outsourcing or self-management. The emergence of flexible models like TalentProcure’s offerings, including co-management, provides the opportunity for companies of all sizes to access "luxury brand" services previously reserved for industry giants. By selecting the right approach and partnering with the right MSP, organizations can navigate the changing landscape of contingent labor and thrive in the new world of workforce management.
Stay tuned for more details around co-sourcing and co-managing.
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